<p>I want to go to NYU in the next few years, and I looked at the net price calculator and this is what it said:</p>
<p>Estimated total price of attendance: $54,441
a. Estimated tuition and fees $39,265
b. Estimated room and board $13,226
c. Estimated books and supplies $950
d. Estimated other expenses
(Personal expenses, transportation, etc.) $1,000
Estimated total grant aid:
(Includes both merit and need based aid) $25,000
Estimated net price:
(Price of attendance minus grant aid) $29,441</p>
<p>My dad only makes about that much per year (In his pension, but he gets part time jobs sometimes that boost it up to about $40,000 or $50,000/year), it's only me and him and our house, and my mom has to legally pay for half (It's court-ordered), or just give my dad a check for half of the money or whatever. But there is still hardly any way I would be able to afford this as a yearly expense, so does this include student loans? How much can I borrow in student loans? And how much do you think my family's yearly contribution would be? If it's like under $20k, then it could be possible, because my mom and step dad make decent money.</p>
<p>That estimate is too optimistic. It’s predicting merit without knowing your stats. NYU’s institutional aid is often merit based.</p>
<p>*my mom has to legally pay for half (It’s court-ordered), *</p>
<p>Are you sure that your mom has to pay half for any school? Are you sure it’s not half of a state school? It’s rare for a court to order half for a private.</p>
<p>I’ve seen the paperwork and all it says is that my mom has to pay 50% of all of my higher education costs. So even in the most optimistic situation, I’m looking at $25k/year. I don’t know if I can swing that without getting a job during college, which I really don’t want to do because I won’t have time for anything but work and school. Is there any other grants or anything that I might be forgetting about?</p>
<p>Also, $5.5k is it? Are you sure that isn’t just one form of loan? Aren’t there federal loans and other types? Or is $5.5k it for anything? And how much does the amount you can borrow increase with each year?</p>
<p>Then how do people end up coming out of college with a $50,000+ debt? I would be willing to have that much, or more debt because if I do go to Stern, I will be probably living by myself, and making $70,000 or more, depending on bonuses.</p>
<p>Probably with private student loans or if you go beyond a bachelors degree.</p>
<p>With the federal student loans you end up owing 27K for 4 years of college. There is additional aid for years beyond that, including loans for medical school. It adds up quickly</p>
<p>Private student loans are a road to he!! imho, especially for the amounts you would be talking about. You would need a guarantor. Your dad may not want to guarantee, and even if he wanted to, might not qualify. Your mom may think she is doing enough.</p>
<p>Are you saying that your mom has to pay half, but your dad doesn’t? That doesn’t seem right. </p>
<p>Anyway…It has been reported on this forum that Stern doesn’t give much/any merit, and we know that NYU gives lousy aid, so I wouldn’t count on getting as much as that NPC says since you weren’t asked to give stats. I have a feeling that we’re going to see posts this April from NYU acceptees who are upset that their aid isn’t anywhere close to what the NYU NPC predicted. Many/most of their acceptees don’t receive any grants (even with lots of need), yet their NPC seems to be acting as if grants and merit should be expected. </p>
<p>You need to come up with some affordable back up schools.</p>
<p>What are your stats?</p>
<p>BTW…don’t be surprised if your mom goes back to court to get clarification on that part of the decree. Often such decrees are limited to the cost of a state school…not any private at any cost.</p>
<p>And…private loans are the way to he11. Don’t think that you can live in the Wall Street area (or other high finance area) on $70k per year and ALSO pay big loans. Not likely possible. those rents are too high…and taxes are high.</p>
<p>Consider $30,000 a minimum that you and your family will to come up with per year - remembering that college costs go up every year and that NYU has a limited financial aid budget. That is $120,000 minimum and I guarantee you - that can go up.</p>
<p>Even if your calculations are close to what NYU will award you - understand within that award are your subsidized and unsubsidized loans of $27,000 to start. </p>
<p>If your father can make maybe $40-$50K a year - deduct taxes and living expenses,etc and how much do you think there will be left for tuition - $15,000 plus would be a real stretch. What is not available in cash, if you insist on going to NYU, will come from private loans.</p>
<p>Does your mother really have $15,000 plus per year as her share and is she really obligated to come up with this amount?</p>
<p>$100K in loans can materialize quicker than you think.</p>
<p>Mom2 – If mom has significantly more income than Dad, it would not be uncommon for her to have CO to pay more tuition than Dad. Usually happens the other way, but lets not be sexist. Mom may have agreed to pay 1/2, knowing that kid is not be able to come up with more than the Stafford amount. </p>
<p>KBecker, if you live with dad, unless there is a SM who makes a lot of money, you may be eligible for more aid. If you live in NY, there is a Tap program. All of this willhelp, but it wont get you to 1/2 of NYU. NYU has likely factored in all this, but you should try to figure out what you can use at other schools.</p>
<p>It just doesn’t make sense to me to decree that the NCP pay “half” if the other spouse (CP) can’t pay “half”. You need two halves to make a whole.</p>
<p>Agreed, mom2collegekids -
if mom has to pay half - then dad does too!
Maybe mom can pay her share but dad doesn’t seem to be in the position to without financial ruin - if he could get such loans on a fixed income.</p>
<p>AFAIK divorce agreements don’t get into how much the custodial parent must contribute, just NCP. </p>
<p>OP, I agree with whoever said the limit is USUALLY instate schools (may not be true in this case). You need to look at some more affordable alternatives for your dad. I see from another post you are from NJ and are only a sophomore. Rutgers and NJIT are some good in-state alternatives.</p>
<p>@Erin’sDad I’m considering TCNJ, but Rutgers will more than likely not get me anywhere in finance, especially in Manhattan, which is where my goal is.</p>
<p>I am a little confused. In the other thread you said that your parents are separated (not divorced) and your father makes all of the money. Unless your parents have divorced and your mom has remarried, you have no stepdad whose income and assets would be used for financial aid purposes. You also state that your dad has all of the income. IF this is the case your mother does not have half of anything to pay anyone and certainly does not have it to pay to the tune of 20K.</p>
<p>While the courts may deem that she pay for half of your education, no court is going to make her go into debt or pay money that she does not have in order for you to attend NYU.</p>
<p>@sybbie719 I meant my dad makes all of the money in my household right now, because I live with him. My mom and dad are separated, they were never married. It’s all in the custody papers, which she signed to agree to pay 50% of the cost of my higher education, the other 50% being paid by my dad. I’m sure they would not oppose me getting a job and paying some of this. If I’m correct, I could just use my dad’s income and address, and get tuition cheaper than if I used my mom’s (which there is no reason I would, because I no longer live there), and my mom could somehow just send my dad a check each month, which I’m sure my dad would not oppose to. My step dad makes decent money, and my mom owns a home-daycare, so I’m guessing they make at least $60,000-$80,000/year. If my mom didn’t pay half, I have no doubt that my dad would take legal action because she agreed to do so.</p>
<p>@mom2collegekids Yes, I’m a sophomore in high school, and I do live in Toms River, I haven’t lived here my whole life, but I’ve been coming here for summers and sometimes Christmases my whole life. I know that to be true because my whole family is from PA/NJ and I have many relatives that have went to Rutgers, and my cousin’s fiance is a recruiter for a company in Princeton, and his job is to find people to work for Goldman Sachs, and a few other companies like Merrill Lynch too. He told me that Rutgers is not actually a very good school, nor is it very hard to get into, it’s just prestigious because it is one of the first in America, and he also said that it’s not likely that I get a job in finance in Manhattan if I go to Rutgers, which is why I’m not interested in Rutgers.</p>